A real estate title indicates both the ownership of the land and provides evidence of that ownership. The deed is the printed document showing ownership, and is the instrument by which title is conveyed. The deed must be recorded, usually at the county courthouse in which the real estate is located.The title can be transferred to another party either voluntarily, usually as a sale, but sometimes as a gift, or involuntarily, by operation of law.
Voluntary AlienationVoluntary alienation is the legal term for the voluntary conveyance of title. If the owner of the real estate is still alive, then the conveyance is achieved by executing a deed to convey title; otherwise, title is conveyed through a will, and will be subject to probate.Involuntary AlienationInvoluntary alienation is the transfer of real estate by law and without the owner’s consent. There are 4 methods by which this is accomplished: foreclosure, eminent domain, adverse possession, and by escheat.
ForeclosureForeclosure is the legal process by which a property is sold to satisfy a debt, usually a debt by which the property was purchased. In most cases, the property is sold by the lender to pay off the mortgage on the property.
Eminent DomainSometimes the government or one of its agencies, or a public utility or other private enterprise, takes property by exercising its power of eminent domain, which is the right of the entity to acquire property, through the process of condemnation, to use for a public purpose, such as building a road or a school. The owner of the property is paid the fair market value for the taking.
Adverse Possession
Adverse possession is the claim on a property by someone who has occupied the property for a number of years. To be successful, the adverse possessor must have occupied the land continuously for at least the number of years required by state law for a successful claim.
Escheat
If a landowner dies without a will and without legal heirs, then the property reverts to the state through escheat. However, if a landowner has relatives and dies intestate (without a will), then his property will be distributed to the relatives according to the state’s statute of descent and distribution. The spouse or children will receive the bulk of the estate, or, if the property owner had no spouse or children, then the property will be distributed to other relatives. Most states give higher priority to next of kin.
Voluntary AlienationVoluntary alienation is the legal term for the voluntary conveyance of title. If the owner of the real estate is still alive, then the conveyance is achieved by executing a deed to convey title; otherwise, title is conveyed through a will, and will be subject to probate.Involuntary AlienationInvoluntary alienation is the transfer of real estate by law and without the owner’s consent. There are 4 methods by which this is accomplished: foreclosure, eminent domain, adverse possession, and by escheat.
ForeclosureForeclosure is the legal process by which a property is sold to satisfy a debt, usually a debt by which the property was purchased. In most cases, the property is sold by the lender to pay off the mortgage on the property.
Eminent DomainSometimes the government or one of its agencies, or a public utility or other private enterprise, takes property by exercising its power of eminent domain, which is the right of the entity to acquire property, through the process of condemnation, to use for a public purpose, such as building a road or a school. The owner of the property is paid the fair market value for the taking.
Adverse Possession
Adverse possession is the claim on a property by someone who has occupied the property for a number of years. To be successful, the adverse possessor must have occupied the land continuously for at least the number of years required by state law for a successful claim.
Escheat
If a landowner dies without a will and without legal heirs, then the property reverts to the state through escheat. However, if a landowner has relatives and dies intestate (without a will), then his property will be distributed to the relatives according to the state’s statute of descent and distribution. The spouse or children will receive the bulk of the estate, or, if the property owner had no spouse or children, then the property will be distributed to other relatives. Most states give higher priority to next of kin.
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